Pearland project headed for foreclosure

The WaterLights developer cast a green light on its monumental president’s heads sculptures to commemorate St. Patrick’s Day in 2008.

The Chronicle’s Ultimate Pearland Web site is reporting that the site of the proposed WaterLights District has been posted for foreclosure by Amegy Bank.

Plans for the mixed-used project at Texas 288 just south of Beltway 8 included offices, restaurants and retail and residential components. But perhaps the most anticipated aspect of the development was the Presidential Park & Gardens which eventually was to have featured giant busts of all the U.S. presidents.

All that, however, came to a halt after negotiations with the bank fell through on refinancing the loan and working out the release of potential legal claims, said David Goswick, executive director of Boardwalk at the Spectrum LP, the project’s developers.

Goswick said the developers are hoping to find a capital partner to come to the rescue.

The 48-acre Pearland site was purchased in February 2007 for $5 million in cash and a $10 million bank loan, Goswick told reporter Robert Stanton.